Rangers FC signal intent to go into administrationRangers Football Club has lodged legal papers signalling its intention to go into administration.
The Ibrox club lodged papers at the Court of Session in Edinburgh on Monday, notifying an intention to declare an administrator.
It now has five days to confirm whether administrators have been appointed to take over the running of the club.
The moves comes while Rangers awaits a tax tribunal decision over a disputed bill plus penalties totalling £49m.
It is understood the papers relating to administration were lodged by Rangers' lawyers on behalf of directors.
If the club is formally put into administration it faces an immediate 10-point penalty from the Scottish Premier League.
That would place the Ibrox club 14 points behind first-placed Celtic in the race for the championship.
I think this indicates that they are nearly 100 million pounds in debt
so even if the tax thing is cleared up - they owe a hell of a lot of money..
http://www1.skysports.com/football/news/11782/7453638/Gers-feel-the-pinch
That's great news. Now there's one team for the people of Glasgow to unite behind. A shared future.
an amalgamation Hardy. The could call themselves Saint Judes or something.
In related news, Rangers are requesting a Protestant administrator.
I can think of an amalgamation in the GAA. Why do Meath get two bites of the cherry anyway?
You could ask the same about the fords.
Gosh.
Quote from: Hardy on February 13, 2012, 04:51:12 PM
You could ask the same about the fords.
Ah, but we don't share a land boundary with Wexford or Longford. If we're going to be uniting with other teams based on some letters then we might as well join in with the P's.
Q. What's got four legs and more money than Rangers?
A. Harry Redknapp's dog...
is that an automatic 10 point deduction?
Quote from: charlieTully on February 13, 2012, 05:16:04 PM
is that an automatic 10 point deduction?
Only if they actually go into administration. The action today gives them 10 days to negotiate with creditors to try to reach an agreement. Some sources are speculating that they have got word that the HMRC case has gone against them.
If that's true they're absolutely ballixed.
Good. About time.
Quote from: AQMP on February 13, 2012, 05:23:43 PM
Some sources are speculating that they have got word that the HMRC case has gone against them. If that's true they're absolutely ballixed.
What would/could happen in those circumstances?
Quote from: AQMP on February 13, 2012, 05:23:43 PM
Only if they actually go into administration. The action today gives them 10 days to negotiate with creditors to try to reach an agreement. Some sources are speculating that they have got word that the HMRC case has gone against them. If that's true they're absolutely ballixed.
Read somewhere they'd be insured for the loses in the tax case but not the possible penalties. So while they'll be screwed for a couple of years like Leeds, I don't think it's going to be the end of the club
I wish them well in the future (after Celtic have done 10 in a row of course) :P
Quote from: Hardy on February 13, 2012, 03:56:15 PM
That's great news. Now there's one team for the people of Glasgow to unite behind. A shared future.
Queen's Park, Partick Thistle, or Glasgow City LFC?
If Rangers went out of business half of the North would stop supporting Celtic as they would have no-one to hate.
Quote from: Tony Baloney on February 13, 2012, 08:23:38 PM
If Rangers went out of business half of the North would stop supporting Celtic as they would have no-one to hate.
The Old Firm are a negative influence on Scottish Football and Scottish society in general. Scotland without the OF would be a healthier place. Weegies aren't inherently bigoted, but those corporate c*nts exploit non-existent divisions and the ignorance of their thick followers to make money,. So much of "us" is about being "not them". Get rid of them, and you have to forge your own identity. That would be a very good thing for many Scots in that part of the world to do.
Possibly NI too, but i can see the flags and emblems shifting to an IPL team easily enough.
(http://i8.photobucket.com/albums/a27/dufctubs/a8e0acb1.jpg)
(http://i33.tinypic.com/xpx8h3.gif)
Quote from: LondonCamanachd on February 13, 2012, 07:54:49 PM
Quote from: Hardy on February 13, 2012, 03:56:15 PM
That's great news. Now there's one team for the people of Glasgow to unite behind. A shared future.
Queen's Park, Partick Thistle, or Glasgow City LFC?
Or the newest reincarnation of Third Lanark.
BREAKING NEWS...
Gazza has just turned up outside Ibrox with a 6 pack, chicken & a fishing rod to sort things out.
Being the only big boy left in the small boys league would surely make the victories even more hollow than they are today where you have to share them only with the other big boy, no?
Quote from: LondonCamanachd on February 13, 2012, 08:52:32 PM
(http://i33.tinypic.com/xpx8h3.gif)
What was this piece about?
Quote from: LondonCamanachd on February 13, 2012, 08:29:38 PM
Quote from: Tony Baloney on February 13, 2012, 08:23:38 PM
If Rangers went out of business half of the North would stop supporting Celtic as they would have no-one to hate.
The Old Firm are a negative influence on Scottish Football and Scottish society in general. Scotland without the OF would be a healthier place. Weegies aren't inherently bigoted, but those corporate c*nts exploit non-existent divisions and the ignorance of their thick followers to make money,. So much of "us" is about being "not them". Get rid of them, and you have to forge your own identity. That would be a very good thing for many Scots in that part of the world to do.
Possibly NI too, but i can see the flags and emblems shifting to an IPL team easily enough.
Well said.
Quote from: LondonCamanachd on February 13, 2012, 07:54:49 PM
Quote from: Hardy on February 13, 2012, 03:56:15 PM
That's great news. Now there's one team for the people of Glasgow to unite behind. A shared future.
Queen's Park, Partick Thistle, or Glasgow City LFC?
I have a knock-knock joke.
- OK.
Knock-knock.
- Come in.
Quote from: Nally Stand on February 13, 2012, 10:31:27 PM
BREAKING NEWS...
Gazza has just turned up outside Ibrox with a 6 pack, chicken & a fishing rod to sort things out.
Did he not bring a flute?
He *is* a flute.
Looks like they peed in their own Bovril this time.
Quote from: deiseach on February 13, 2012, 05:00:49 PM
Quote from: Hardy on February 13, 2012, 04:51:12 PM
You could ask the same about the fords.
Ah, but we don't share a land boundary with Wexford or Longford. If we're going to be uniting with other teams based on some letters then we might as well join in with the P's.
There's no boundary between Wexford and Waterford? Really?
He did say Land Boundary. I think he's trying to get us on a technicality :D
Ah right. ::)
Quote from: AZOffaly on February 14, 2012, 10:00:53 AM
He did say Land Boundary. I think he's trying to get us on a technicality :D
Never thought I'd be grateful for the existence of Kilkenny ;D
Quote from: deiseach on February 14, 2012, 10:08:53 AM
Quote from: AZOffaly on February 14, 2012, 10:00:53 AM
He did say Land Boundary. I think he's trying to get us on a technicality :D
Never thought I'd be grateful for the existence of Kilkenny ;D
Don't forget the Suir Estuary!
Quote from: Billys Boots on February 14, 2012, 10:22:03 AM
Don't forget the Suir Estuary!
But I've always like the Suir estuary. Thank God we're surrounded by water.
Ex-chairman questions Rangers owner Craig Whyte's strategy
Former Rangers chairman Alastair Johnston has questioned current club owner Craig Whyte's decision to edge Rangers towards administration.
In an interview with BBC Scotland, Johnston, part of the previous Ibrox hierarchy, queried Whyte's strategy.
He said: "Mr Whyte went in to this circumstance [buying the club] knowing full well the ramifications of the tax [case] but chose to do it anyway.
"What do you know now, Mr Whyte, that you did not know before you bought it?"
Rangers filed legal papers at the Court of Session on Monday to appoint administrators before its tax dispute with HMRC has been decided upon.
The reigning Scottish Premier League champions has 10 days to decide if it should appoint administrators to run the club, at which point it would be deducted 10 points from its league tally.
Use accessible player and disable flyout menus
Owner Craig Whyte: Rangers will emerge "fitter and stronger"
In a statement on the club's website, Whyte said: "What is of paramount importance is the long-term security, survival and prosperity of this great football club."
But he insisted that Rangers would emerge from the turmoil "fitter and stronger".
Johnston chaired the independent board committee, created by Rangers to assess potential buyers of the club from Sir David Murray, who was keen to sell after more than 20 years at the helm and whose Murray International business empire was feeling the effects of the recession.
"We were somewhat entitled to the view that who carried the coffin to the graveyard, if you will, was going to be important with respect to how they might benefit from that scenario," Johnston told Sportsound.
"For whatever else he [Whyte] is, his expertise is in distressed companies and making them survive, or not survive, to his benefit.
"We were entitled to take the view that administration would be on his agenda and that he would be the principal beneficiary of such a process.
"What I would say [to Whyte] is, 'what is it you missed in due diligence that would have indicated that you are in situation that you did not anticipate?'
Continue reading the main story
"
For Mr Whyte to say we were not actively working on the long-term survivability of Rangers is a function of naivety
"'And what is it that you have or have not done that may or may not have made a difference under your stewardship?'
"The bottom line is that he spent a vast amount of time studying this tax case, a lot more than he did on operating issues like cash flow.
"He had a wealth of advice on the tax case, so only he knows what his agenda was at that point in time."
Johnston was the club chairman when Whyte bought out Murray for £1 and cleared the £18m debt owed to Lloyds Bank.
And he bristled at comments by Whyte that the previous regime did not "step up to the plate" and that it "not only failed to prevent Rangers being engulfed by our current problems but chose not to invest their money to help put it right".
Johnston responded: "The Rangers board had alternatives that they were working on which both the bank and Murray International did not like.
"I have all the files, all the presentations I made to the bank and I will one day produce them. The amount of money that Rangers was about 3% of the total debt that Lloyds had with Murray International.
"All we wanted them to do was to migrate that debt into the Murray balance sheet. Why the bank wouldn't do that, to avoid all the negative publicity, I still don't know.
Sir David Murray was keen to end his lengthy chairmanship of Rangers
"When Craig Whyte came along, these discussions were put on hold until we figured out whether Craig Whyte was for real.
"The bank didn't believe it at first and then, when they saw the £18m coming and they realised it was a better way of getting out of it, they forced it through.
"The bottom line is that if Mr Whyte's deal had not transpired, that [the transfer of debt to Murray] was the agenda.
"It would have been a win-win situation for everybody involved.
"So for Mr Whyte to say we were not actively working on the long-term survivability of Rangers is a function of naivety."
Johnston's view is that Whyte's move at the Court of Session is to sound out the position of HMRC or Ticketus, the company that has loaned Rangers £24m in return for future season ticket revenue.
He said: "He is indicating that he is willing to help salvage the situation if HMRC come to the party. But we all know HMRC are not going to walk away with nothing.
"HMRC saw this coming. HMRC are not stupid. HMRC will certainly have been dealing on a confrontational basis with Mr Whyte, recognising that they know each other from previous experience.
Continue reading the main story
"
The only outside entity that actually has a right of recourse if Mr Whyte defaulted on any of his commitments, is Murray
"
Alastair Johnston
Former Rangers chairman
"I think he is sending a message out that he means business - who is going to blink first?
"Having basically torched any independent board or any independent voices, there are plenty of people looking after the interests of Craig Whyte, of HMRC, of Murray International or Ticketus, but I wonder who is looking after the interests of Rangers Football Club.
"While the events of today were predictable, it's still a shocking experience."
When asked for his opinion on how the club's predicament would affect Murray's legacy, Johnston replied: "It is seriously jeopardised, for sure."
But he revealed that under the terms of the sale of the club to Whyte, the steel magnate could, theoretically, return as club owner.
"One of the avenues that could be pursued - and I wouldn't suggest it with any degree of confidence because it will take substantive effort and money - is that, in the terms of the sales purchase agreement (SPA), the only outside entity that actually has a right of recourse if Mr Whyte defaulted on any of his commitments, is Murray.
"That won't be easy because the language [of the agreement] is a little fluid and flexible.
"But there is a suggestion that a lot of things could be unwound if Murray International chose to look at the SPA, take some action and and see how far they went.
"If David were to do that, I think it would help the perception of his legacy.
"In practice, it would be a long struggle.
"Keep in mind, there is no appetite from David to do this and, given his destiny over his wealth is still under the strong jurisdiction of Lloyds Bank, I can't imagine Lloyds saying, 'David, we'll allow you to get Rangers back'."
I always assumed some billionaire hun would save the day. Like the Queen or Pope or something.
(http://img802.imageshack.us/img802/3254/bttfsaved3.jpg)
Quote from: Puckoon on February 13, 2012, 10:50:04 PM
Quote from: LondonCamanachd on February 13, 2012, 08:52:32 PM
(http://i33.tinypic.com/xpx8h3.gif)
What was this piece about?
I don't really know, I just enjoy the sight of professional victim c*ntface Durrant getting a skelp off traitor boy Smith.
Quote from: ONeill on February 14, 2012, 11:02:45 AM
I always assumed some billionaire hun would save the day. Like the Queen or Pope or something.
:D :D
Vatican Rangers has a ring to it.
They should call the 'new' club Celtic Rangers, that way they'd be like Albion Rovers, who were formed originally by Coatbridge Albion and Coatbridge Rovers amalgamating.
If you go down to Ibrox today you're sure of a big surprise. If you go down to Ibrox today you'll never believe your eyes. Cause super Ally has no cash. Soon no place to sing the Sash. Today's the day the Teddy Bears have their pitch nicked.
Without wanting to get into biased generalizations you would have to say that this has to represent some sort of payback for what a former colleague of mine once described as "100 plus years of 24 carat bigotry............"
Agent Whyte.....congratulations, return to the Vatican
Whyte is cute enough, he's the priority creditor, owns ibrox and the training ground.
He'll fold rangers and screw the tax man, start a new rangers with the same fan base, pitch etc
Florentina did it a few years back, maybe Napoli too?
A green flag was seen flying over Ibrox last night.!!!!!
On closer inspection it said on it ASDA opening here shortly. ;D ;D ;D
Rangers FG Official song list.
1 Borrow borrow we will borrow millions.
2 God pay the Queen.
3 The cry was "no reminders"
4The cash my father owed.
5 Penny blockade.
6Simply in debt.
7 We`ve remortaged Derry`s walls.
8 Hullo Hullo we are the Bailif boys..
Feel free if you can add anymore. ;D
Quote from: Harold Disgracey on February 14, 2012, 09:01:34 PM
If you go down to Ibrox today you're sure of a big surprise. If you go down to Ibrox today you'll never believe your eyes. Cause super Ally has no cash. Soon no place to sing the Sash. Today's the day the Teddy Bears have their pitch nicked.
*applause*